DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
Issue link: https://www.southbaydiggs.com/i/1094668
Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Some jumbo products may not be available to first time home buyers. Some restrictions may apply. Based on the purchase/refinance of a primary residence. Credit and collateral subject to approval. Loan to value, debt to income and cash-out restrictions may apply. Programs, rates, terms and conditions subject to change without notice. Please remember that we don't have all your information, so this does not constitute a commitment to lend. Therefore, the rate and payment results may not reflect your actual situation. To get more accurate and personalized results, please call (800) 357-4077 to talk to one of our mortgage bankers. Watermark Home Loans 100 Spectrum Center Dr Ste 150, Irvine, CA 92618-4964 DRE License Number 01523306 NMLS ID: 1838 Regan Hagestad: NMLS 57351 Matthew Disalvo NMLS 1416809 RECENT LOAN SUCCESS STORY CHALLENGE: We recently received a phone call from a client who had been approved by a Big Bank. They received the appraisal report and were under the impression everything was going smoothly. On day 25 of a 45 day escrow they received a phone call from the Big Bank saying that they were no longer able to honor the original loan approval and they were declining the loan. The clients were told that because they are self-employed and their income went down more than 20% from 2017 to 2018 that they could not honor the original loan approval. These clients had already released their deposit money to the sellers based on the original loan approval and only had 20 days to close. Needless to say this put them in a very difficult position. SOLUTION: We spoke to the clients in detail and also did a conference call with their CPA. We found out that the reason for the reduction in their income was due to them purchasing a commercial property for the company. In both years our clients business was profitable and we were able to document this as a onetime expense. In turn we were able to work with our investors and obtain the formal loan approval excluding the loss due to the commercial property purchase. We were also able to put this together and close in less than 20 days, allowing our clients to remain on time with their original purchase contract. By diving in deeper and getting a full understanding of our clients financial picture we were able to help our clients purchase their new home. Our ability to customize lending solutions and truly understand our clients' needs gives our clients the peace of mind that if they open escrow, they know it will close. 310.607.0131